- Truth Social, owned 53% by Donald Trump, is reportedly in advanced negotiations to acquire Bakkt, a crypto custody platform
- Bakkt’s stock (BKKT) surged +162% following rumors of the deal, hitting its highest price since February 2024
- If successful, this acquisition could mark a significant expansion of Trump’s involvement in the crypto sector
Truth Social, the social media company in which Donald Trump holds a 53% stake, is in talks to buy the crypto custody platform Bakkt. Bakkt shares—mostly BKKT—have surged +162% in just one day following news of this deal.
Advanced Negotiations for a Major Acquisition
Reports suggest that Bakkt might be acquired by Truth Social, the social media company in which Donald Trump is a 53% stakeholder. The two firms are reportedly in “advanced negotiations.”
If the deal goes through, the Trump Media and Technology Group will acquire the company from Intercontinental Exchange, the operator of the New York Stock Exchange.
The Evolution of Bakkt
Bakkt is a crypto custody and trading company founded by the NYSE operator Intercontinental Exchange in 2018. Over the years, the crypto platform has had multiple reinventions.
I personally find it interesting how Bakkt has remained relevant after such major shifts, which include its first chief executive officer, Kelly Loeffler, stepping down in 2019 to briefly become a Republican senator from Georgia under the first Trump administration. Loeffler is also the wife of ICE CEO Jeff Sprecher.
Trump’s Growing Interest in Crypto
The most interesting part, perhaps, will be how this all folds into Trump’s emerging foray into the crypto space. Might this deal point to a broader strategy on the part of Trump Media? It remains to be seen.
BKKT Shares Skyrocket +162% Amid Rumors
Is Bakkt being acquired by Trump’s Truth Social? Although the rumors are not yet confirmed, apparently, investors did not waste any time. The mere possibility of Bakkt being acquired by Trump’s social media company sent BKKT stock prices soaring.
In fact, shares of Bakkt (BKKT) surged +162% in after-market trading on Monday. The BKKT price is currently $29.50 and this is the chart right now.
Potential Ripple Effects in the Crypto Sector
If the acquisition of Bakkt by Truth Social goes through, that would be yet another step in the expansion of Donald Trump into the crypto sector.
In my opinion, this could result in some quite serious ripples in the financial market and within the blockchain industry itself.
